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P.S. Sundar

Coonoor , June 6

TEA prices dipped to new lows at the auctions of the Coonoor Tea Trade Association (CTTA) held here last week as demand was far inadequate to lift the huge volume on offer. There was a general fall of Rs 2 a kg over the previous week.

A volume, highest so far for the year, of 17.51 lakh kg was offered for sale, comprising 12.1 lakh kg of leaf and 5.41 lakh kg of dusts. Buyers showed no urgency to pick up and barring some bright liquoring dust grades, the demand was sluggish. More bids were seen at the lower end of the market. Some lines were sold for the new lows of Rs 25 a kg. Auctioneers said they came across bids for as low as Rs 22, but refused to sell. With the producers advising the auctioneers not to knock off at too low prices, as much as 60 per cent of the offer went unsold.

On the corporate buying front, Hindustan Lever Ltd showed some interest on better medium varieties. Tata Tea, GPI, Duncans and Indcoserve did not buy at all. JV Gokal and Madhu Jayanthi supported some bolder grades.

Pakistan buyers picked up clean black teas for around Rs 40 a kg, but complained that the volume they needed of this sort was not available. A lone Iraqi shipper bought some plainer teas. Export enquiries to other markets were low.

Some of the better liquoring teas lost Rs 2 a kg. The medium smaller brokens and fannings sold Rs 1-2 lower. Plainer teas also suffered Rs 2 loss. The secondaries of the orthodox teas shed Rs 3 a kg and the powdery residuals could not be sold.

Quotations held by the brokers indicated bids from Rs 25 to 27 a kg for the plain dust grades and Rs 62 to 66 for the brighter liquoring ones. Plain leaf grades fetched Rs 26 to 29 while the brighter liquoring ones, Rs 58 to 62.

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